NEW YORK CITY — Eastern Consolidated has brokered the sale of a three-story retail building located at 2202-2210 Third Ave. in New York’s East Harlem. According to property records, the sale price was $5.35 million. The 12,000-square-foot property is currently occupied by Rent-A-Center, whose triple-net lease expires in November 2015. The property also has an additional 17,000 square feet in available air rights. Eastern Consolidated represented both the buyer and the seller. Adelaide Polsinelli and Chad Sinsheimer of Eastern Consolidated represented the seller and managing partner, Joseph Rishty of 2202 Third Ave. LLC, in the transaction. Cliff Schwartz of Schwartz & Blumenstein PC served as legal counsel for the seller, while Jay Yackow, Esq., served as attorney for the buyer.
Retail
COMMACK, MIDDLE ISLAND AND SYOSSET, N.Y. — Smithtown, N.Y.-based Island Associates Real Estate Inc., a commercial real estate brokerage and management firm, has brokered three lease transactions in Suffolk County, N.Y. In the first transaction, Long Island Fitness & Wellness leased 4,225 square feet of retail space at 6160 Jericho Turnpike in Commack for $1.2 million. Suzanne Lopes of Island Associates represented the landlord, while Steven Reichman of Coldwell Banker Commercial Island Corporate Services represented the tenant. In Middle Island, FMI Wireless Inc., a Sprint franchise, leased a 1,095-square-foot retail space within Strathmore Commons at 1245 Middle Country Road. Lopez represented both the landlord and tenant in the transaction. In the final transaction, Tropical Smoothie Café leased 1,500 square feet of retail space at 365 Jericho Turnpike in Syosset. Roger Delisle of Island Associates represented the tenant, while Island Associates also represented the landlord.
MANITOWOC, WIS. — Marcus & Millichap has brokered the $975,000 sale of Aldi ground lease, a 16,581 square-foot net-leased property located in Manitowoc. The property is located at 4111 Harbor Town Lane and sits on approximately 1.8 acres.The asset, built in 2010, is the outlot to a larger retail development. Austin Weisenbeck, Aaron Baum and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, the original developer, and the buyer, a national real estate investor. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
CARLSBAD, CALIF. – A 19,400-square-foot building in Carlsbad that houses Bank of America has sold to Dan Floit for $7.2 million. The building is located at 7700 El Camino Real. Bank of America leased the space in 2012. CBRE’s Tim Kerrigan represented both the buyer and seller, Ingold Family LLC, in this transaction.
PHILLIPSBURG, N.J. — HFF has brokered the sale of Greenwich Center, a 182,583-square-foot retail power center in Phillipsburg. An affiliate of Northeast Capital Group and BHN Associates purchased the property for $22.7 million from Retail Properties of America Inc. in an all cash transaction. Located at 1200-1208 New Brunswick Ave., the shopping center is 93.25 percent leased to national and regional tenants, including Staples, Best Buy, Pier 1 Imports, Petco, Dollar Tree, Sleepy’s, Michaels, Ashley Furniture, Five Below and Famous Footwear. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Chris Munley of HFF represented the seller in the transaction.
WASHINGTON TOWNSHIP, MICH. — Landmark Commercial Real Estate Services Inc. has arranged the $13.4 million sale of the Orchard Square Shopping Center in Washington Township. Kroger, Dollar Tree and O’Reilly Auto Parts anchor the 92,450-square-foot shopping center. Kevin Baker and Daniel Kukes of Landmark represented the buyer, a non-traded REIT, and the seller, a Michigan-based full services commercial, residential and industrial firm.
BUCKTOWN, ILL. — A new Mariano’s grocery store has opened at the intersection of Ashland and Webster Avenue in the Bucktown neighborhood. Mariano’s leased the freestanding, 80,000-square-foot building for 20 years from owner Chicago Ashland Webster LLC. Transwestern’s project management team, led by Robert Klinger, completed the project in eight months. The new development marks the 23rd Mariano’s store for Milwaukee-based Roundy’s Inc., a grocer in the Midwest.
FORT COLLINS, COLO. — Ramco-Gershenson Properties Trust has acquired Front Range Village in Fort Collins for $128.3 million. The center is located at 2720 Council Tree Ave. Front Range Village contains 810,000 square feet. Ramco-Gershenson has acquired 460,000 square feet of the center. Front Range is shadow anchored by Target and Lowe’s. Other notable tenants include Sprout's Market, DSW, Cost Plus World Market, Staples, Party City, Toys 'R Us/Babies 'R US, and The Sports Authority. The center also includes 78,000 square feet of office space. Notable office tenants include Microsoft and CA Technologies. Front Range is also home to the Southeast Branch of the Fort Collins Public Library.
RICHARDSON, TEXAS — Dal-Rich Village, a retail center opened in 1964 at the southeast corner of Coit Road and Beltline Road in Richardson, has been renamed Dal-Rich Towne Square. The center has landed a new anchor, Richardson Mercantile, a store selling gifts, furniture, jewelry, antiques, apparel and home décor. Richardson Mercantile has leased a 50,031-square-foot space. Michelle Caplan and Joey Keffler with the Commercial Retail Division of The Weitzman Group handled negotiations for the shopping center along with David McNeil and Joe Lea of Cencor Asset Managers. Ryan Shafer with North Central Texas Realty represented the tenant. The Weitzman Group leases space at the center and Cencor Asset Managers manages the property.
GASTONIA, N.C. — Faris Lee Investments has arranged the $7.6 million pre-sale of Petco & Shops, a 22,500-square-foot retail center located at 2272-2290 E. Franklin Blvd. in Gastonia, a suburb of Charlotte. The fully leased property features a 12,500-square-foot, freestanding building leased to Petco and two 5,000-square-foot, freestanding pad buildings leased to Select Comfort, Massage Envy, Firehouse Subs and Tijuana Flats. All the tenants have new 10-year triple-net leases. Matthew Mousavi and Patrick Luther of Faris Lee represented the seller, a North Carolina-based development company, in the transaction. Shaun Riley of Faris Lee represented the buyer, an Arizona-based investor who purchased the asset in a 1031 tax-deferred exchange.